
paper“中国上市公司如何为独立董事制定薪酬激励合约”

***目录
//
table1  独董薪酬按年度分布情况
table2  独董薪酬差异按年份分布情况
table3  主要变量的描述性统计
table4  主要变量的均值差异检验
table5  独董薪酬对企业未来绩效的影响
table6  独董薪酬差异对企业未来绩效的影响
table7  独董薪酬对经理人薪酬绩效敏感性的影响
table8  独董薪酬对其参会次数的影响
table9  独董薪酬对其否定意见发表的影响
table10 独董薪酬对企业未来绩效的影响（控制内生性）

附录
附录2  独董薪酬对其参会次数的影响 1（控制内生性）
附录3  独董薪酬对其参会次数的影响 2（控制内生性）
附录4  独董薪酬对企业业绩未来绩效的影响（独董层面）
附录5  独董薪酬对企业业绩未来绩效的影响（控制独董层面的内生性问题）
附录6  独董薪酬对企业未来绩效的影响（ROA_avg）
附录7  独董薪酬对企业未来绩效的影响（ROEi,t+1）
附录8  独董薪酬对企业未来绩效的影响（ROE_avg）
附录9  独董薪酬对企业未来绩效的影响（ROA_avg）（控制内生性）
附录10 独董薪酬对企业未来绩效的影响（ROEi,t+1）（控制内生性）
附录11 独董薪酬对企业未来绩效的影响（ROE_avg）（控制内生性）
附录12 独董薪酬对高管薪酬绩效敏感性的影响

//

***描述性统计--采用公司层面的数据
  gen meanpay=e^ lnMeanpay //将ln取反函数
  gen size=e^ lnSize //size取反
  gen boardsize=e^ lnBoardsize
  gen Independence=e^ Independenceratio
  
   su ROA1 ROA_avg meanpay size Leverage Growth Duality boardsize independence HB Top1 Top2_10
// 描述性统计（观测值为公司-年份）
   outreg2 using xxx.doc, replace sum(log) keep( ROA1 ROA_avg meanpay size Leverage Growth Duality independence HB Top1 Top2_10 ) title(Decriptive statistics)
//描述性统计（可以直接输出文档，但内容与上方描述性统计有差异，没有中位数）

***主效应

表5
using "公司层面“ data

///不控制企业特征不控制公司治理特征+输出命令
 reg ROA1 lnMeanpay i.year i.industry, robust  
 outreg2 using "表5.doc ",replace tstat bdec(4) adjr2
///全样本控制企业特征和公司治理特征+输出
 reg ROA1 lnMeanpay State lnSize Leverage Growth Duality lnBoardsize Independenceratio HB Top1 Top2_10 i.year i.industry, robust
 outreg2 using "表5.doc ",append tstat bdec(4) adjr2
///分样本回归（独董薪酬是否存在差异）+输出
 reg ROA1 lnMeanpay State lnSize Leverage Growth Duality lnBoardsize Independenceratio HB Top1 Top2_10 i.year i.industry if Gap==1, robust
 outreg2 using "表5.doc ",append  tstat bdec(4) adjr2
///分样本回归+输出
 reg ROA1 lnMeanpay State lnSize Leverage Growth Duality lnBoardsize Independenceratio HB Top1 Top2_10 i.year i.industry if Gap==0, robust
 outreg2 using "表5.doc ",append  tstat bdec(4) adjr2

表6
using “配对样本”data
///考察独董薪酬差异对企业业绩的作用
 reg ROA1 Gap i.year i.industry, robust
 outreg2 using "表6.doc ",replace tstat bdec(4) adjr2
///
 reg ROA1 lnMeanpay Gap  i.year i.industry,robust
 outreg2 using "表6.doc ",append tstat bdec(4) adjr2
 ///
 reg ROA1 lnMeanpay Gap State lnSize Leverage Growth Duality lnBoardsize Independenceratio HB Top1 Top2_10 i.year i.industry, robust
 outreg2 using "表6.doc ",append tstat bdec(4) adjr2
 ///高薪酬组
 reg ROA1 lnMeanpay Gap State lnSize Leverage Growth Duality lnBoard size Independenceratio HB Top1 Top2_10 i.year i.industry if Highmeanpay==1, robust
 outreg2 using "表6.doc ",append tstat bdec(4) adjr2
 ///低薪酬组
 reg ROA1 lnMeanpay Gap State lnSize Leverage Growth Duality lnBoard size Independenceratio HB Top1 Top2_10 i.year i.industry if Highmeanpay==0, robust
 outreg2 using "表6.doc ",append tstat bdec(4) adjr2

 表7
 using "公司层面“data
 ///不控制firm和governance+注意performance都用ROA来代替
 reg lnCEOpay1 ROA i.year i.industry, robust
 outreg2 using "表7.doc ",replace tstat bdec(4) adjr2
 ///控制
 reg lnCEOpay1 ROA lnCEOtenure lnCEOage CEOgender CEOedu State lnSize Leverage Growth Duality lnBoardsize Independenceratio HB Top1 Top2_10 i.year i.industry, robust
 outreg2 using "表7.doc ",append tstat bdec(4) adjr2
 ///ROA*highmeanpay
 reg lnCEOpay1 ROA ROA* Highmeanpay i.year i.industry, robust
 outreg2 using "表7.doc ",append tstat bdec(4) adjr2
 ///
 reg lnCEOpay1 ROA ROAperform State lnSize Leverage Growth Duality lnBoardsize Independenceratio HB Top1 Top2_10 lnCEOage lnCEOtenure CEOgender CEOedu i.year i.industry, robust
 outreg2 using "表7.doc ",append tstat bdec(4) adjr2

 表8
 using “独董层面”data
 ///??? 此处文章和数据不对应
  reg lnActualattendance11 lnPay i.year i.industry, robust
  reg lnActualattendance11 lnPay State lnSize Leverage Growth Duality lnBoardsize Independenceratio HB Top1 Top2_10 i.year i.industry, robust///根据表格应该是这个式子，这个式子的结果和 表格中不同
  outreg2 using "表8.doc ",replace tstat bdec(4) adjr2
 ///
  reg lnActualattendance11 lnPay lnTenure lnAge Edu Gender State lnSize Leverage Growth Duality lnBoardsize Independenceratio HB Top1 Top2_10 i.year i.industry, robust
  outreg2 using "表8.doc ",append tstat bdec(4) adjr2
 ///分组
  reg lnActualattendance11 lnPay lnTenure lnAge Edu Gender State lnSize Leverage Growth Duality lnBoardsize Independenceratio HB Top1 Top2_10 i.year i.industry if Gap==1, robust
  outreg2 using "表8.doc ",append tstat bdec(4) adjr2
 ///
  reg lnActualattendance11 lnPay lnTenure lnAge Edu Gender State lnSize Leverage Growth Duality lnBoardsize Independenceratio HB Top1 Top2_10 i.year i.industry if Gap==0, robust
  outreg2 using "表8.doc ",append tstat bdec(4) adjr2
 ///持否定意见
  reg lnActualattendance21 lnPay i.year i.industry, robust///问题同上
  reg lnActualattendance21 lnPay State lnSize Leverage Growth Duality lnBoardsize Independenceratio HB Top1 Top2_10 i.year i.industry, robust
  outreg2 using "表8.doc ",append tstat bdec(4) adjr2
 ///
  reg lnActualattendance21 lnPay lnTenure lnAge Edu Gender State lnSize Leverage Growth Duality lnBoardsize Independenceratio HB Top1 Top2_10 i.year i.industry, robust
  outreg2 using "表8.doc ",append tstat bdec(4) adjr2
 ///
  reg lnActualattendance21 lnPay lnTenure lnAge Edu Gender State lnSize Leverage Growth Duality lnBoardsize Independenceratio HB Top1 Top2_10 i.year i.industry if Gap==1, robust
  outreg2 using "表8.doc ",append tstat bdec(4) adjr2
 ///
  reg lnActualattendance21 lnPay lnTenure lnAge Edu Gender State lnSize Leverage Growth Duality lnBoardsize Independenceratio HB Top1 Top2_10 i.year i.industry if Gap==0, robust
  outreg2 using "表8.doc ",append tstat bdec(4) adjr2

  表9
  using“独董层面”
 ///采用logit回归（logit 是离散变量的回归， 是否发表否定意见为0/1，采用logit回归更合适）
   logit Negativeopinion lnPay State lnSize Leverage Growth Duality lnBoardsize Independenceratio HB Top1 Top2_10 i.year i.industry, robust
   outreg2 using "表9.doc", replace tstat bdec(4) addstat(Pseudo R2,e(r2_p))
 ///
   logit Negativeopinion lnPay  lnTenure lnAge Edu Gender State lnSize Leverage Growth Duality lnBoardsize Independenceratio HB Top1  Top2_10 i.year i.industry,robust
   outreg2 using "表9.doc", append tstat bdec(4) addstat(Pseudo R2,e(r2_p))///此处的数据和表格不对应，系数和显著性都有差别。原文是5%水平上显著，自己跑数据为10%水平上显著，并且系数变小
   
  
  表10
  using“公司层面”
  ///内生性（两阶段最小二乘法2sls估计）  ivregress2 2sls y x1 x2 x3 x4(x1=z1 z2),robust
  ///只控制年份
  ssc install ivregress2
  ivregress2 2sls ROA1  (lnMeanpay = lnIndustrymeanpay)  i.year ,robust first
  est restore first///无法显示表格--更改
  outreg2 using "table10.doc ",cttop(Stage 1) replace tstat bdec(4)
  est restore second///无法回归出结果，stata知乎中，也是一样的命令
  outreg2 using "table10.doc ",cttop(Stage 2) append tstat bdec(4)
  
  reg lnMeanpay lnIndustrymeanpay i.year, robust///结果稍有不同
  est store first
  outreg2 using "table10.doc ",cttop(Stage 1) replace tstat bdec(4)
  est store second
  outreg2 using "table10.doc ",cttop(Stage 2) append tstat bdec(4)
  ///控制年份+firm governance
  ivregress2  2sls ROA1 (lnMeanpay = lnIndustrymeanpay) State lnSize Leverage Growth Duality lnBoardsize Independenceratio  HB Top1  Top2_10  i.year ,robust first
  est restore first
  outreg2 using "table10.doc ",cttop(Stage 1) append tstat bdec(4)      
  est restore second
  outreg2 using "table10.doc ",cttop(Stage 2) append tstat bdec(4)
  
  reg lnMeanpay lnIndustrymeanpay State lnSize Leverage Growth Duality lnBoardsize Independenceratio HB Top1 Top2_10 i.year, robust
  est store first
  outreg2 using "table10.doc ",cttop(Stage 1) append tstat bdec(4)///结果依旧稍有不同
  ivregress 2sls ROA1 ( lnMeanpay = lnIndustrymeanpay) State lnSize Leverage Growth Duality lnBoardsize Independenceratio HB Top1 Top2_10 i.year, robust
  est store second
  outreg2 using "table10.doc ",cttop(Stage 1) append tstat bdec(4)
  ///区分高低薪酬组
  ///高薪酬组
  ivregress2  2sls  ROA1  (lnMeanpay = lnIndustrymeanpay)   State lnSize Leverage Growth Duality lnBoardsize Independenceratio  HB Top1  Top2_10  i.year  if Gap == 1,robust first     
  est restore second
  outreg2 using "table10.doc ",cttop(Stage 2) append tstat bdec(4) 
  
  ivregress  2sls  ROA1  (lnMeanpay = lnIndustrymeanpay)   State lnSize Leverage Growth Duality lnBoardsize Independenceratio  HB Top1  Top2_10  i.year  if Gap == 1,robust
  est store second
  outreg2 using "table10.doc ",cttop(Stage 2) append tstat bdec(4)
  ///低薪酬组
  ivregress2  2sls  ROA1  (lnMeanpay = lnIndustrymeanpay)   State lnSize Leverage Growth Duality lnBoardsize Independenceratio  HB Top1  Top2_10  i.year  if Gap == 0,robust first     
  est restore second
  outreg2 using "table10.doc ",cttop(Stage 2) append tstat bdec(4) 
  
  ivregress  2sls  ROA1  (lnMeanpay = lnIndustrymeanpay)   State lnSize Leverage Growth Duality lnBoardsize Independenceratio  HB Top1  Top2_10  i.year  if Gap == 1,robust
  est store second
  outreg2 using "table10.doc ",cttop(Stage 2) append tstat bdec(4)
  
  
  附录表2
  using“独董层面”
  ///结果有差，观测值不同，r方不同
  reg lnPay lnIndustrymeanpay i.year, robust
  est store first
  outreg2  using "appendix2.doc ",cttop(Stage 1) replace tstat bdec(4)
  ivregress 2sls lnActualattendance11 ( lnPay= lnIndustrymeanpay) i.year, robust
  est store second
  outreg2  using "appendix2.doc ",cttop(Stage 1) append tstat bdec(4)
  
  ///
  reg lnPay lnIndustrymeanpay State lnSize Leverage Growth Duality lnBoardsize Independenceratio HB Top1 Top2_10 i.year, robust
  est store first
  outreg2  using "appendix2.doc ",cttop(Stage 1) append tstat bdec(4)
  ivregress 2sls lnActualattendance11 ( lnPay= lnIndustrymeanpay) State lnSize Leverage Growth Duality lnBoardsize Independenceratio HB Top1 Top2_10 i.year ,robust
  est store second
  outreg2  using "appendix2.doc ",cttop(Stage 1) append tstat bdec(4)
  
  ///存在薪酬差异的样本
  reg lnPay lnIndustrymeanpay  lnTenure lnAge Edu Gender  State lnSize  Leverage  Growth Duality lnBoardsize Independenceratio  HB Top1  Top2_10  i.year  if Gap == 1,robust 
  est store first
  outreg2  using "appendix2.doc ",cttop(Stage 1) append tstat bdec(4)
  ivregress 2sls lnActualattendance11 ( lnPay= lnIndustrymeanpay) lnTenure lnAge Edu Gender State lnSize Leverage Growth Duality lnBoardsize Independenceratio HB Top1 Top2_10 i.year if Gap==1, robust
  est store second
  outreg2  using "appendix2.doc ",cttop(Stage 1) append tstat bdec(4)
  
  ///不存在薪酬差异的样本
  reg lnPay lnIndustrymeanpay  lnTenure lnAge Edu Gender  State lnSize  Leverage  Growth Duality lnBoardsize Independenceratio  HB Top1  Top2_10  i.year  if Gap == 0,robust 
  est store first
  outreg2  using "appendix2.doc ",cttop(Stage 1) append tstat bdec(4)
  ivregress 2sls lnActualattendance11 ( lnPay= lnIndustrymeanpay) lnTenure lnAge Edu Gender State lnSize Leverage Growth Duality lnBoardsize Independenceratio HB Top1 Top2_10 i.year if Gap==0, robust
  est store second
  outreg2  using "appendix2.doc ",cttop(Stage 1) append tstat bdec(4)
  
  附录表3
  using“独董层面”
  ///结果仍有差异
   reg lnPay lnIndustrymeanpay i.year , robust
   est store first
   outreg2  using "appendix3.doc ",cttop(Stage 1) replace tstat bdec(4)
   ivregress 2sls lnActualattendance21 ( lnPay= lnIndustrymeanpay) i.year, robust 
   est store second
   outreg2  using "appendix3.doc ",cttop(Stage 1) append tstat bdec(4)
  ///
  reg lnPay lnIndustrymeanpay lnTenure lnAge Edu Gender State lnSize Leverage Growth Duality lnBoardsize Independenceratio HB Top1 Top2_10 i.year, robust
  est store first
  outreg2  using "appendix3.doc ",cttop(Stage 1) append tstat bdec(4)
  ivregress 2sls lnActualattendance21 (lnPay =lnIndustrymeanpay) lnTenure lnAge Edu Gender State lnSize Leverage Growth Duality lnBoardsize Independenceratio HB Top1 Top2_10 i.year ,robust
  est store second
  outreg2  using "appendix3.doc ",cttop(Stage 1) append tstat bdec(4)
  ///高薪酬组
  reg lnPay lnIndustrymeanpay lnTenure lnAge Edu Gender State lnSize Leverage Growth Duality lnBoardsize Independenceratio HB Top1 Top2_10 i.year if Gap==1, robust
  est store first
  outreg2  using "appendix3.doc ",cttop(Stage 1) append tstat bdec(4)
  ivregress 2sls lnActualattendance21 (lnPay =lnIndustrymeanpay) lnTenure lnAge Edu Gender State lnSize Leverage Growth Duality lnBoardsize Independenceratio HB Top1 Top2_10 i.year if Gap == 1 ,robust
  est store second
  outreg2  using "appendix3.doc ",cttop(Stage 1) append tstat bdec(4)
  ///低薪酬组
  reg lnPay lnIndustrymeanpay lnTenure lnAge Edu Gender State lnSize Leverage Growth Duality lnBoardsize Independenceratio HB Top1 Top2_10 i.year if Gap==0, robust
  est store first
  outreg2  using "appendix3.doc ",cttop(Stage 1) append tstat bdec(4)
  ivregress 2sls lnActualattendance21 (lnPay =lnIndustrymeanpay) lnTenure lnAge Edu Gender State lnSize Leverage Growth Duality lnBoardsize Independenceratio HB Top1 Top2_10 i.year if Gap == 0 ,robust
  est store second
  outreg2  using "appendix3.doc ",cttop(Stage 1) append tstat bdec(4)
  
  附录表4
  using“独董层面”data
  ///
  reg ROA1 lnPay i.year i.industry, robust
  outreg2 using "appendix4.doc ",replace tstat bdec(4) adjr2
  reg ROA1 lnPay lnTenure lnAge Edu Gender State lnSize Leverage Growth Duality lnBoardsize Independenceratio HB Top1 Top2_10 i.year i.industry, robust
  outreg2 using "appendix4.doc ",append tstat bdec(4) adjr2
  reg ROA1 lnPay lnTenure lnAge Edu Gender State lnSize Leverage Growth Duality lnBoardsize Independenceratio HB Top1 Top2_10 i.year i.industry if Gap == 1, robust
  outreg2 using "appendix4.doc ",append tstat bdec(4) adjr2
  reg ROA1 lnPay lnTenure lnAge Edu Gender State lnSize Leverage Growth Duality lnBoardsize Independenceratio HB Top1 Top2_10 i.year i.industry if Gap == 0, robust
  outreg2 using "appendix4.doc ",append tstat bdec(4) adjr2
  
  附录表5
  using“独董层面”data
  ///
  reg lnPay lnIndustrymeanpay i.year ,robust
  est store first
  ivregress 2sls ROA1 ( lnPay= lnIndustrymeanpay) i.year ,robust
  est store second
  outreg2 using "appendix5.doc",cttop(Stage 2) replace tstat bdec(4)
	
  ivregress 2sls ROA1 ( lnPay= lnIndustrymeanpay) lnTenure lnAge Edu Gender State lnSize Leverage Growth Duality lnBoardsize Independenceratio HB Top1 Top2_10 i.year, robust
  est store second
  outreg2 using "appendix5.doc",cttop(Stage 2) append tstat bdec(4)
  
  ivregress 2sls ROA1 ( lnPay= lnIndustrymeanpay) lnTenure lnAge Edu Gender State lnSize Leverage Growth Duality lnBoardsize Independenceratio HB Top1 Top2_10 i.year if Gap == 1, robust
  est store second
  outreg2 using "appendix5.doc",cttop(Stage 2) append tstat bdec(4)
  
  ivregress 2sls ROA1 ( lnPay= lnIndustrymeanpay) lnTenure lnAge Edu Gender State lnSize Leverage Growth Duality lnBoardsize Independenceratio HB Top1 Top2_10 i.year if Gap == 0, robust
  est store second
  outreg2 using "appendix5.doc",cttop(Stage 2) append tstat bdec(4)
  
  ///附录表6-11using“公司层面”data， 将ROA1替换成ROA_avg ROE 和ROE_avg, 具体内容和table10相同，仅仅替换变量
  
  附件12
  using “公司层面”
  ///
  reg  lnTop3exepay1  ROA   i.year i.industry,robust
  outreg2 using "appendix12.doc ",replace  tstat bdec(4) adjr2
  reg  lnTop3exepay1  ROA  State lnSize Leverage Growth Duality lnBoardsize Independenceratio  HB Top1  Top2_10 lnCEOage lnCEOtenure CEOgender CEOedu i.year i.industry,robust
  outreg2 using "appendix12.doc ",append tstat bdec(4) adjr2 
  
  gen ROAhigh= ROA* Highmeanpay
  reg lnTop3exepay1 ROA ROAhigh i.year i.industry, robust
  outreg2 using "appendix12.doc ",append tstat bdec(4) adjr2 
  reg lnTop3exepay1 ROA ROAhigh State lnSize Leverage Growth Duality lnBoardsize Independenceratio HB Top1 Top2_10 lnCEOage lnCEOtenure CEOgender CEOedu i.year i.industry, robust
  outreg2 using "appendix12.doc ",append tstat bdec(4) adjr2
